TA: Ethereum Lacks Momentum Above $1,550, Why Dips Likely To Be Limited

Ethereum struggled to clear the $1,600 resistance and corrected lower against the US Dollar. ETH price is likely to remain stable above $1,450 and it could again climb towards $1,600.

Ethereum corrected lower from $1,600 and tested the $1,450 support zone. The price is now trading just above $1,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue higher towards $1,600 as long as it is above $1,450. Ethereum Price is Holding Gains

Ethereum climbed higher above the $1,550 resistance and tested the $1,600 zone. ETH price topped near the $1,596 level before it started a downside correction.

There was a break below the $1,550 and $1,525 support levels. The price even traded below the 23.6% Fib retracement level of the upward move from the $1,296 swing low to $1,596 swing high. Finally, there was a spike below the $1,500 level and the 100 hourly simple moving average.

Ether tested the $1,450 support zone. It also remained stable above the 50% Fib retracement level of the upward move from the $1,296 swing low to $1,596 swing high.

Ethereum Price

Source: ETHUSD on TradingView.com

The price is now recovering and trading nicely above the $1,500 level. There is also a key bullish trend

Keep reading this article on Newsbtc.com.

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